The Legal 500 > Asia Pacific > Hong Kong > Private equity

Benefiting from deeply entrenched ties with international sponsors as well as pan-Asian and China-based funds, Clifford Chance has exposure to a wide range of mandates in the region and is consequently well-versed in current market norms. Working closely with the office's pre-eminent finance team on leveraged deals, and able to tap into the firm's vast global network of offices, the team is a natural choice for clients on big-ticket cross-border mandates where it is also able to leverage the firm's strong competition capabilities should the need arise. As well as the team's strength advising sponsors on the downstream investment work, it is also well-placed to follow the client through to an exit strategy, whether it be via an M&A process or a listing on the Hong Kong Stock Exchange. Co-heads Andrew Whan and Neeraj Budhwani have an excellent reputation in the market and both regularly lead on the highest-profile matters handled by the team. Whan recently advised MBK Partners and TPG portfolio company WTT on its merger with Hong Kong Broadband Network.

Regularly acting for longstanding institutional international private equity sponsors, and also picking up a significant amount of work for regional China-based funds, Kirkland & Ellis remains one of the most prolific firms in the market. Benefiting from market-leading debt finance expertise (on both the bank debt and high yield front), in addition to restructuring and fund formation prowess, clients are appreciative of the firm's ability to provide a 'joined-up and cohesive offering', enabling the team to handle all aspects of work for sponsor clients, not just in relation to the downstream investment mandates. In a deal which showcased the firm's coordinated approach, (involving as it did input on the debt finance, capital markets and antitrust front), Daniel Dusek and Nicholas Norris recently provided the corporate/M&A input to FountainVest Partners on its $6.4bn voluntary public tender offer for all the shares in Finnish sporting goods company Amer Sports Corporation. Gary Li is also recommended.

Benefiting from a longstanding presence in Hong Kong and the PRC, Paul, Weiss, Rifkind, Wharton & Garrison's five-partner Greater China private equity offering has been a key resource for many of the firm's leading global private equity clients (including KKR and Carlyle) on their strategic investments in the region. As well as her work for international sponsors, Betty Yap has an excellent reputation for numerous regional investors, including Hillhouse Capital, which she regularly advises on its investments/divestments across a range of sectors including TMT. Alongside Jack Lange, another pivotal member of the team, Yap recently advised Hillhouse on the $1.68bn sale of Magento Commerce to Adobe.

The 'client-oriented and proactive' team at White & Case displays 'excellent market insight' on behalf of an impressive roster of global and Asia-based private equity sponsors, which are appreciative of the firm's ability to 'work well with other offices across the firm's international network', and to provide a one-stop-shop service to sponsors across every aspect of the ecosystem -  from fund formation, investment and financing strategies, through to exits. Bolstered by the arrival in February 2019 of several well-respected practitioners from Ropes & Gray LLP, including Daniel Yeh (who now heads the firm's Asia Pacific private equity offering), the team now has the critical mass and expertise to seriously challenge the top-tier firms in the market. Able to execute deals in Asia utilising New York and UK law, the team is able to provide an extremely versatile and flexible service to clients engaged in investments across a range of sectors, including TMT, pharmaceuticals and healthcare. One of the new arrivals from Ropes & Gray LLP, William Fong is appreciated for his 'willingness to go the extra mile' and is a key member of the team that includes Christopher Kelly, who handles private equity mandates as part of his broader ranging M&A offering.

Benefiting from a 'seamless global reach' across the US, Europe and Asia Pacific, Weil, Gotshal & Manges LLP's Hong Kong private equity team is well-placed to handle work on its own or in concert with other offices for a plethora of leading local and international sponsors. With significant expertise across the corporate and financing front, clients appreciate the team's ability to provide 'strategic and commercial advice' to investors across a range of industry sectors, including TMT, healthcare and retail. As well as its expertise on the front end of deals, clients are also appreciative of the firm's strong restructuring offering,  'which is helpful in terms of considering any downside risks and potential mitigants on any given deal'. 'Practical and experienced' team head Tim Gardner regularly spearheads the highest-profile deals handled out of Hong Kong for international sponsors as well as more regional players, including Hillhouse Capital and MBK Partners; he recently advised the latter (as part of a consortium) on the $1.75bn privatisation of eHi Car Services. Chris Welty also regularly handles private equity deals as part of his broad-ranging corporate offering and has developed particular expertise advising on take-private deals in the region.

Although it is newer to the Hong Kong market than many other firms in the latest ranking, Latham & Watkins LLP has rapidly been able to replicate the firm's US and Europe-based private equity credentials by virtue of some astute strategic hires and the ability to leverage strong relationships with core existing firmwide clients. With expertise on the corporate, finance and regulatory fronts, and benefiting from lawyers with Hong Kong, UK and US qualifications, the team is able to provide a one-stop-shop service to sponsors throughout their lifecycle and is praised for its ability 'to combine local knowledge and an appreciation of cultural sensitivities with a true understanding of cross-border issues'. Team head Simon Cooke has a strong reputation among Asian and international sponsors on their investments and exits in the region; he recently advised Carlyle Group on the disposal of its Korean portfolio company ADT Caps to a consortium led by SK Telecom and Macquarie’s Korean Opportunities Fund, in what was one of Korea’s largest private equity exits to date. Native Mandarin speaker Frank Sun excels in advising private equity clients on complex in-bound and out-bound China deals.

Leveraging the firm's overarching sector strengths across TMT and life sciences and also benefiting from a 'well-connected' bridgehead between mainland China and the firm's office in Silicon Valley, Morrison & Foerster  provides a 'very impressive service' to a range of global and regional investors, including private equity funds, Chinese insurance businesses and sovereign wealth funds on their venture capital and private equity investments/exits. The 'very commercial' Marcia Ellis has vast experience in the region and as well as advising pure sponsor clients, also has very strong connections with major regional conglomerates, including Alibaba and Softbank, which generates a significant deal flow.

Although lacking the strong institutional ties with major international sponsors that are the hallmark of some of the firms in the ranking, Shearman & Sterling's Greater China practice –  which houses M&A, fund formation and leveraged finance practitioners across Hong Kong, Beijing and Shanghai – generates a substantial deal flow by dint of its strong ties with regional funds, sovereign wealth funds and Chinese banks with private equity arms. Team head Li Chen splits her time between Hong Kong and mainland China, and is noted for her experience at handling China inbound and outbound transactions across a range of industry sectors including energy, healthcare, entertainment, telecoms, real estate and public utilities.

Since its establishment in January 2017, Morgan, Lewis & Bockius (in association with Luk & Partners)' Hong Kong office has rapidly made inroads into the regional private equity market. Less of a gatekeeper offering than some of the firms in the ranking (in that it is fed less work from institutional clients of the firm), its client roster is primarily self-generated, with the majority of clients following the team that left Orrick, Herrington & Sutcliffe LLP in 2017. Active across the fund lifecycle, from formation through to investment and exit (which is aided by a strong Hong Kong IPO offering), the team's client base runs the gamut from global sponsors (Permira Capital, Carlyle) and regional funds (Hillhouse Capital), through to Chinese banks with investment arms (Bank of China International). Maurice Hoo heads the team.

Headed by the 'extremely helpful' Jay Tai , Proskauer Rose LLP's 'experienced and efficient' team has excellent traction among local Asia-based funds engaged in Chinese and Southeast Asian transactions, as well as on outbound investments, where it can effectively leverage the firm's wide-ranging network of offices. The team is particularly active in relation to investments in the healthcare, financial services, TMT and real estate sectors, and also boasts a very strong reputation in the local market within the growing secondaries space.

Led by the 'proactive and responsive' William Chua out of Hong Kong, and also able to tap into the firm's broader Asia network (which includes a presence in mainland China and Japan), Debevoise & Plimpton LLP's 'small and productive team' displays 'excellent market insight' on behalf of local and international  sponsors on their pan-Asian investments. Chua has particular expertise advising on investments in the financial services sector.

Praised for its 'excellent market insight', DLA Piper's Hong Kong office provides an 'exceptional service' for numerous major Chinese clients in the mid-market buyout space. The team has expertise throughout the fund lifecycle, from fund formation and ongoing operational needs, through to investments and exit strategies, and has particular strengths in theTMT, energy and education sectors.

Headed out of Hong Kong by Stephanie Tang, following her arrival in January 2019 from Shearman & Sterling, Hogan Lovells' Greater China private equity practice is well-placed to handle work for Chinese entities on their outbound investments and international funds on their investments across Asia Pacific (where it is also aided by a strong network of offices in the region including in Beijing, Singapore and Vietnam). Tang has a particularly strong reputation in the TMT sector and is also noted for her excellent track record advising on take-private transactions of US-listed Chinese companies.

Although it is rebuilding somewhat out of Hong Kong, following the departure of several private equity practitioners to Morgan, Lewis & Bockius (in association with Luk & Partners) in 2017, Orrick, Herrington & Sutcliffe LLP's Greater China offering remains significant by virtue of its continued strong presence in Beijing and Shanghai. The arrival in October 2018 of counsel William Ho from Paul, Weiss, Rifkind, Wharton & Garrison signals a degree of intent to continue to build out the Hong Kong team in light of the departures, particularly given Ho's track-record advising major private equity funds in their tech investments across Asia. Venture capital remains a core strength of the team's work, with regular mandates flowing from Chinese company founders and companies in early and later-stage financing rounds. Mark Lehmkuhler has moved to Fangda Partners.